Scotland


In My View – Aberdeen City Retail Market & Union Street Regeneration By Shona Boyd J&E Shepherd


The retail market in Aberdeen’s city centre has faced challenges not so different from other high streets up and down the UK, and unlike others Aberdeen’s prosperity has always been closely linked to the fortunes of the oil and gas industry. A downturn in recent years has seen the closures of house hold names such as John Lewis and Debenhams, rresulting in the perception that there is a lack of drive to visit our city centre. However, 2024 has felt like there is a positive momentum growing towards city centre regeneration. Shepherds have been


working closely with tenants, owners and organisations such as ‘Our Union Street’ to tackle vacancy.


Shepherds recently acted on behalf of the landlord in a notable letting at 229 Union Street, this was to an Indian street food franchise Chaii Wala. Transactions such as this are a brilliant example of how internally these traditional buildings can be modernised, to bring a quality offering to our high street. Similarly, Shepherds were also involved with a deal at 195 Union Street to a national retailer. Amongst other deals which have concluded this year, there are signs that more lettings and sales like these can be achieved to bring local and national operators alike back into the city centre.


Secondary locations in Aberdeen such as Rosemount Place and Holburn Street continue to perform well with steady demand. The ’20 Minute Neighbourhood’ is a trend that is perpetuating and has become a line of discourse surrounding planning policy and development in Scotland. Using Rosemount and Holburn as an example, a steady demand for retail units in these locations feels like it can be linked to both the commercial / residential mix, as well as desire from the local population


to be able to access local amenities convenient for their day to day life. These are attributes which can be seen in the context of a 20 minute neighbourhood.


Looking towards challenges and trends within the retail sector, it is difficult to discuss the retail market in Aberdeen without touching on business rates. Taxation on non-domestic property is a major constraint for businesses looking to acquire a premises, particularly on Union Street and the city centre core. Shepherds will continue to advise both landlords and tenants about rates relief schemes which are available to them, but it is going to continue to be a key topic of conversation particularly surrounding city centre regeneration. In terms of other trends, there is not a city centre that will have been immune to the effects of factors such as e-commerce, which have led to new habits for people that do not involve visiting the city centre as frequently. Combatting this means having to provide a different reason for people to visit the city and in Aberdeen, initiatives such as Nu-Art and Spectra have been shining examples of ways to do this. The current offering in the city centre core at the moment does not quite align with the 20 minute neighbourhood concept, but planning strategy surrounding living and working in the city centre may bring that into focus in the years to come.


City centre regeneration in my view is about re-purposing and re- imagining our built environment, whilst also taking stock of the political and institutional factors which are constraining businesses. I am hopeful that positive reinforcement by organisations and stakeholders in Aberdeen, including surveying firms such as Shepherds, can continue to drive change for our city.


For more details visit; - www.Shepherd.co.uk


Knight Property Group Welcomes Offshore Vessel Owner to Westhill


Prosafe agrees lease at Kingshill Park Knight Property Group has welcomed Prosafe Offshore Ltd to Kingshill Park in Westhill, Aberdeenshire.


Prosafe, a leading owner and operator of semi- submersible accommodation vessels has signed a 5-year lease at Pavilion 5 on the park. The Norwegian-owned company, listed on the Oslo


Stock Exchange, will occupy a ground-floor office suite extending to 4,280 sq ft, with generous car parking.


Relocating from the Silver Fin Building on Aberdeen’s Union Street, Prosafe’s move reflects their commitment to their operations in Aberdeen and recent increased commercial activity.


With offices in Norway, Brazil and Singapore, Prosafe’s extensive offshore operations presently span across the UK, Brazil, Australia, and the US Gulf.Prosafe’s fleet includes six semi-submersible accommodation, safety, and support vessels (ASVs) and one Tender Support Vessel (TSV), which also functions as an accommodation vessel.


Ryan Stewart, Chief Commercial Officer at Prosafe commented: “We were keen to provide a great working environment for our employees, and this new office offers quality workspace in a great location. It is an ideal operational base for our business, complementing our other offices.”


Dan Mitchell, Management Surveyor at Knight Property Group added, “Demand for space at Kingshill Park has been strong over the years,


and we are delighted to conclude this deal with Prosafe. Westhill provides the optimum location for business, with close proximity to the AWPR, offering easy access to the city centre and airport.”


Developed on a speculative basis, Kingshill Park was designed to the highest specification. The park features landscaped surroundings and ample car parking facilities, ensuring an excellent working environment. Each pavilion within the park has been designed to provide a superior standard of office space, catering to the needs of modern businesses.


Knight Property Group was advised by Ryden and Savills, while FG Burnett acted for Prosafe Offshore.


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COMMERCIAL PROPERTY MONTHLY 2024


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